True Balance's NBFC arm raises $15 million in debt funding

With the intent of establishing a futuristic, one-stop financial platform for all money-related consumer requirements, True Credits, the RBI-licensed NBFC arm managed by Balancehero India Private Limited (a wholly-owned subsidiary of Balancehero Co. Ltd, Korea) raised $15 million in debt funding during the course of this year, facilitated by Pace and E-clear, amongst others. Adding to the existing funding, the company has raised a cumulative $25 million in debt funding to date, along with equity funding worth $95 million. 

Notably, the company, aiming for comprehensive financial inclusion, has disbursed loans worth more than Rs 3,000 crore this year. In fact, accelerated efforts are already being made to evaluate the extent of the financial involvement of the masses as RBI (Reserve Bank of India) launched the FI-Index (Financial Inclusion Index) to assess the range of financial inclusion in India with the objective of capturing its details across 97 indicators on 3 parameters, namely access, usage, and quality. 

Encapsulating specificities of various sectors like banking, insurance, pension, postal in consultation with government and sectoral regulators, the index will serve to answer this wide-ranging answer with a value between 0 (Full financial exclusion) to 100 (Complete financial inclusion). 

The growth in this space, from 43.4 for the year ending 2017 to a slightly higher 53.9 for the period ending March 2021, only serves to solidify True Balance’s endeavors, as it achieved a consistent 30-50 percent month-on-month growth, catering to new-age customers who earn between Rs 5,000-Rs 30,000 and have an average loan ticket requirement of Rs 1,000-Rs 50,000 to more than 6 million Indians.